Wall Street Sees Higher Open on Soaring Oil Prices

U.S. stocks were pointing to a moderately higher open on Wednesday, led by gains in the energy sector, amid growing optimism that major oil producers were closing in on a deal to curb production at a meeting in Vienna, and as the U.S. economy saw a major jump in job creation.

Oil prices surged with global benchmark Brent Crude up 7.85% recently and U.S. benchmark West Texas Intermediate up 7.30% after some positive signals from delegates of Saudi Arabia, Iraq and Iran that an agreement would be reached.

Data released at 8:15 a.m. showed the ADP employment report coming in at a strong 216,000, well above the 160,000 increase seen by forecasters and higher than the 147,000 in October, according to data compiled by Econoday.

At 8:30 a.m., data showed personal income rose 0.6% in October, above the 0.4% estimate and compared to the 0.4% growth seen in the prior month. Consumer spending rose 0.3% versus the 0.5% consensus and prior level of 0.7%.

Leave a Comment